Insolvency Solutions for Companies

In all cases we will always look at the possibility of saving some or all of the business first. All may not yet be lost – it may be possible for the existing directors to purchase all or some of the business and assets – please speak to us!

Some of the formal insolvency procedures are briefly introduced below:

Administrations – appropriate where the company can be rescued as a going concern or would allow a better return than liquidation.

Creditors Voluntary Liquidation – this procedure allows the directors more control over the winding up process. It commences with a Board meeting recommending to shareholders that the company be wound up and the shareholders appoint the liquidator. The creditors then usually ratify this appointment.

Compulsory Liquidation – where there are few funds available the directors may petition for the winding up through the courts. We can assist with this process and deflect creditor pressure from you.

Members Voluntary Liquidation – used where the company is solvent and as a mechanism for formally winding up the company and releasing the residual funds to shareholders in the most tax efficient way for the shareholders.